Can You Compromise? Tips for Couples on When to Rent Versus Buy

There will come a time in the lives of couples when moving in together or getting married is the next step in the relationship. The house or apartment search can be difficult if you are single or in a relationship, and knowing what you and your partner expect out of your new living arrangements is essential to being able to compromise on your next new living space.

There are compromises to be made when choosing whether it is best to rent a property or buy a home as a couple. You and your partner may have had a variety of living experiences between the two of you that may make choosing your future accommodations difficult to make a decision about.

There are pros and cons to renting versus owning a property, whether you are in a relationship or not. As a couple it is important to be realistic about your financial situation as well as your plans for the near future which could make the decision of whether to rent or buy much easier.

If you and your partner have the financial ability to put a down payment on a house and have decent credit in order to apply for a mortgage and other loans, you are in a financially stable position in order to buy a house. If you have consistent employment and are going to be staying in the same place for the next few years and have agreed that buying a house is also a good choice based on your lifestyle, then buying a house isn’t a bad idea.

Couples should remember that a home is an investment. Buying a home can be a good investment or a bad one, just like renting a home could be a valuable time and money saver in the short or long term. In many cities the real estate market is volatile, confusing, and unhealthy for buyers who wish to make a return on their investment in a few years when they sell their home.

Before choosing whether to rent or buy a property check to see the cost differential between the two options. If renting for a few years (factoring in utilities, parking, and other miscellaneous costs) is going to be cheaper than buying a home and taking on the extra costs of that (debt, Home Owners’ Association fees, etc.) then renting might be your best bet. Renting also allows you the flexibility to renegotiate a lease, take advantage of an inexpensive living situation, move easily if you need to, and gives you added time to decide if you want to buy a home in the near future.

Buying a home is not always the best financial option, but if you and your partner are financially stable and committed to living in a location for a few years or longer, then buying a home could be a good choice. Homes give your family room to grow, often have yards, and can offer more privacy than an apartment complex or duplex living situation.